Maruti - new buy zone is in picture
BLUE IS THE IDEAL BUY ZONE, STOPLOSS SHOULD BE BELOW CLOUD SUPPORT TARGETS MARKED IN GREEN. GOOD RESULTS AND NOW LOW OIL PRICES BOTH ARE RECIPIE FOR AN UPTREND.
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MARUTI VIEW ON 11-12-2018 SUPPORT 2783.50 > 2734 7180 RESISITANCE 7405 > 7431 7486
Looks like we have completed a Leading Diagonal formation for W.(1) and W.(2) also looks complete, hence we can plan to initiate shorts here with the SL above swing high. Strong resistance at 7640 level seems to support the view.
Daily RSI is around 60 and Stock looks bullish. I would like to see 6800 before any correction.
view based on the overall structure of market !
HeroMoto has been in a rising channel for some years and has broken down decisively. Stock closed below its support of 2900. Sell with at stoploss of 2950 Targets are 2710 and 2420 2300 (Positional)
Double Top has formed. But it is yet to break neck line. Wait for it to break neck line and if 1 day candle closes below 8313, then short Maruti Suzuki. Target 7750.
ST Trade, basis candlestick pattern - Piercing Pattern: Buy: 8000 SL:7680, Target:8320 Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Maruti had a big rally in last 3 years from 4800 levels to almost 10,000. This seems to be changing as it showed a Double top pattern at higher levels and broke the trend line. Maruti is a positional sell with a stoploss of 8800 and targets can be 8000 and 7400.
Maruti may test 8242. Trendline support and horizontal supportat 8242. Rising wedge